According to the sthala purana this idol of Lord Ugra Narasimha was sculpted by Vishwakarma and Given to His beloved devotee, Prahlada by the Lord Himself. Prahlada worshipped this idol for a long time and then handed over the idol to his grandson Bali.
Bali then placed this idol in varahapura near Kochi.Due to certain bad omens seen there people from varahapura approached Srimad Vijayeendra Thirtha Swamiji. Srimad Vijayeendra Thirtha Swamiji was a sarva - tantra - swatantra
a master of the sixty four arts, the most powerful champion and exponent of Madhwa Siddhanta. Swamiji then carried the idol from Varahapura with them and as per divine wish installed it in Mulki on Margashira Poornima.
The Famous PrathisthaPoornima Mahotsava is celebrated to commemorate this auspicious event.
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